Iguana iguana is a lizard found in South America, and its metabolism is directly related to ambient heat. However, the physiology underlying the effect of temperature change on the metabolism of these reptiles has not been fully elucidated. I. iguana hemoglobin (iHb) was isolated and purified by exclusion chromatography. Mass spectrometry, circular dichroism, SAXS and spectroscopic characterization were used to evaluate the primary and secondary structures and oligomeric state of iHb. The secondary structure of intact iHb, which mainly consisted of α-helices, was not stable if heated at 60 °C. Autoxidation rates of iHb were measured at 30 and 40 °C, revealing a suggestive bi-exponential behavior. Furthermore, by lowering the pH from 7.4 to 6.0, an increase in autoxidation rate was observed, indicating a behavior responsive to metabolic changes. Compared to ATP, ADP showed an allosteric effect on iHb oxygenation by lowering its oxygen binding. Alignment of the amino acid sequences revealed that iHb exhibits conserved substitution of a residue at the allosteric site, suggesting that some unknown molecular mechanism accounts for the allosteric effect caused by ADP. The ability of iHB to oxygenate is directly related to metabolic changes, ensuring the survival of Iguana iguana in different environments.